How to Successfully Begin Using a Transaction Coordinator
In leveraging your real estate business, one of the best ways to start doing that is to hire a Transaction Coordinator. There are no shortcuts in TC work. You have to take the steps. The best part is how much time it frees up for the agent to go and work with other clients. It may also help you create the system you need to create the consistency you’ve been missing in your closings.
Let’s take a look at the items below to help you find the right transaction coordinator to work with!
Create a Procedure
Your procedure should outline each task and each document that is to be completed for each transaction. You should also have a process document. The process document outlines the processes you use when closing the transaction. Having these in place will help your transaction coordinator start more quickly and cuts back on the learning curve.
Communication is essential to keep you and your clients updated of what is happening in the transaction. It is important that you find someone that is a good communicator. Contact between the TC, clients, title, and cooperating agents is an absolute must. It’s also important for the agent to keep the lines of communication open with their TC so there are no misunderstandings or missed items in the file.
Direct all inquiries to your Transaction Coordinator.
You may experience some vendors or cooperating agents that don’t want to contact the transaction coordinator. They typically think you will have all the answers and so they should go directly to you. If they haven’t worked with a transaction coordinator, they may not understand what all she will do. You need to consistently tell them to reach out to your TC instead of you so that you can continue working on other aspects of your business. Once everyone is familiar with how you do business, they will respect your ability to work with a system. They will also appreciate the fact that they can get the information more quickly.
It may seem like a lot of work to get started, but the benefits to you and your business are well worth the investment!